London - March 30, 2021
Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas") (NYSE: ATCO), today announced that it has entered into an agreement with a major shipyard for six 15,500 TEU modern newbuild container ships ("the Vessels") with anticipated deliveries beginning in the second half of 2023 and extending through to mid-year 2024.
The six high-quality 15,500 TEU containerships will be scrubber-fitted and include industry-leading emissions reduction technologies. Upon completion, the Vessels will enter long-term charters with leading global liner customers.
SEASPAN - The world's largest container shipping company (CNW Group/Atlas Corp.)
Bing Chen, Chairman, President and CEO of Seaspan, commented, "Our creative customer partnerships continue to drive best-in-class solutions for our customers and quality growth for our shareholders. The depth of expertise and industry-leading execution of our Atlas and Seaspan teams combine to offer our customers unmatched capabilities by providing consistently differentiated services, operational excellence and high-value win-win solutions. I am proud of Seaspan's strong commitment to leading the industry by leveraging our fully integrated platform, broad scale, flexibility and determination to be the best-in-class business solution provider to our liner customers."
The Vessels are anticipated to be financed from additional borrowings as well as cash on hand. As of December 31, 2020, Seaspan's global fleet consisted of 127 vessels and approximately 1,073,200 TEU. Beginning in December 2020, and along with the six vessels announced today, Seaspan has announced the addition of a total of 580,000 TEU represented by 39 vessels, including 37 newbuild vessels, and the acquisition of two vessels in the secondary markets, increasing total capacity to 1,653,200 TEU, on fully delivered basis. These vessels will continue to expand upon Seaspan's core strategic size category of approximately 10,000 to 15,000 TEU.
Atlas is a leading global asset management company, differentiated by its position as a best-in-class owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas brings together an experienced asset management team with deep operational and capital allocation experience. We target long-term, risk adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Our two portfolio companies, Seaspan Corporation and APR Energy are unique, industry-leading operating platforms in the global maritime and energy spaces, respectively. For more information visit atlascorporation.com
Seaspan is a leading independent owner and operator of containerships. We charter our vessels primarily pursuant to long-term, fixed-rate time charters to the world's largest container shipping liners. At December 31, 2020, Seaspan's fleet consists of 127 containerships representing total capacity of approximately 1,073,200 TEU. We also have 37 vessels under construction and two second-hand vessels with aggregate TEU of 580,000, increasing total capacity to 1,653,200 TEU, on a fully delivered basis.
Seaspan Corporation press release